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I am very interested in beginning to invest in real estate. I have found some properties that look good, and I would like to put them under contract and flip them to someone else. What needs to be included in this contract? Also I am only 17, will this affect anything legally? Thank you.
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Estate Litigation Attorney serving Redlands, CA
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Real estate investing is definitely the best game in town, so welcome to the profession.
If you plan to close on the purchase of the property then sell the property to someone else, then you are buying and selling real estate. If you plan to enter into a purchase agreement and then assign that purchase agreement to someone else, then you are selling a contract right that is personal property. You'll need a lot of things included in the purchase contract and the assignment contract with the assignee. You'll want an attorney to draft the clauses for you.
Being a minor, you will not be able to hold property (real estate or business entity ownership interest) in your own name or enter into any contracts. You will need a guardian to hold any property for you.
What you'll need to do is build a team of professionals to assist you with real estate investing. Your team should include a real estate attorney, a CPA, a real estate broker or agent, an escrow agent, a title company rep or title officer, and an insurance agent.
Answered on Sep 07th, 2015 at 10:03 PM